Debt

On January 19, 2017, we completed a $975,000,000 refinancing of One Market Plaza, a 1.6 million square foot Class A office and retail property in San Francisco, California. The new seven-year interest-only loan matures in February 2024 and has a fixed rate of 4.03%. In connection therewith, we incurred $2,715,000 of prepayment costs, which is included as a component of “loss on early extinguishment of debt” on our consolidated statement of income for the year ended December 31, 2017.

The following is a summary of our outstanding debt.

	Maturity	Fixed/	Interest Rate as of			As of December 31,
(Amounts in thousands)	Date	Variable Rate	December 31, 2017			2017				2016
Notes and mortgages payable:
1633 Broadway
	Dec-2022	Fixed ⁽¹⁾		3.54	%	$	1,000,000			$	1,000,000
	Dec-2022	L + 175 bps		3.11	%		30,100		⁽²⁾		13,544		⁽²⁾
				3.53	%		1,030,100				1,013,544
One Market Plaza (49.0% interest)
	Feb-2024	Fixed		4.03	%		975,000				860,546
	n/a	n/a	n/a				-				12,414
				4.03	%		975,000				872,960
1301 Avenue of the Americas
	Nov-2021	Fixed		3.05	%		500,000				500,000
	Nov-2021	L + 180 bps		3.18	%		350,000				350,000
				3.10	%		850,000				850,000

31 West 52nd Street	May-2026	Fixed		3.80	%		500,000				500,000
50 Beale (31.1% interest) ⁽³⁾	Oct-2021	Fixed		3.65	%		228,000				-
1899 Pennsylvania Avenue ⁽⁴⁾	n/a	n/a	n/a				-				87,675
Liberty Place ⁽⁴⁾	n/a	n/a	n/a				-				84,000
Total notes and mortgages payable				3.61	%		3,583,100				3,408,179
Less: deferred financing costs							(41,800	)			(43,281	)
Total notes and mortgages payable, net						$	3,541,300			$	3,364,898

$800 Million Revolving Credit Facility ⁽⁵⁾	Nov-2018	L + 125 bps	n/a			$	-			$	230,000

⁽¹⁾	Represents loans with variable interest rates that have been fixed by interest rate swaps. See Note 10, Derivative Instruments and Hedging Activities.

⁽²⁾	Represents amounts outstanding under an option to increase the loan balance up to $250,000 at LIBOR plus 175 basis points, if certain performance hurdles related to the property are satisfied.

⁽³⁾	Assumed in connection with the acquisition of 50 Beale on July 17, 2017. See Note 3, Acquisitions.

⁽⁴⁾	These loans were repaid on May 3, 2017. In connection with the repayment, we incurred an aggregate of $5,162 of prepayment costs, which are included in “loss on early extinguishment of debt” on our consolidated statement of income for the year ended December 31, 2017.

⁽⁵⁾	On January 10, 2018, we amended and extended our revolving credit facility. See Note 25, Subsequent Events.

As of December 31, 2017, principal repayments required for the next five years and thereafter in connection with our notes and mortgages payable and revolving credit facility are as follows.

			Notes and		Revolving
(Amounts in thousands)	Total		Mortgages Payable		Credit Facility
2018	$	-	$	-	$	-
2019		1,052		1,052		-
2020		4,304		4,304		-
2021		1,072,644		1,072,644		-
2022		1,030,100		1,030,100		-
Thereafter		1,475,000		1,475,000		-